Withdrawals of Dogecoin (DOGE) on the Binance cryptocurrency exchange are available again after a few weeks of problems that holders faced on the trading platform.
The news of the resumption of withdrawals was given by the platform itself on its blog this Monday (29):
“On Saturday (November 27th), we tested everything by opening withdrawals again. But we did this silently to ensure there were no more issues. And now we are pleased to announce that as of today withdrawals are fully open again,” said Binance.
Discussion between Elon Musk and CZ
According reported through CriptoFácil, Binance froze Dogecoin withdrawals on November 12th. Ten days after the freeze, the fact sparked an argument between the exchange’s CEO, Changpeng Zhao (CZ) and billionaire Elon Musk.
The CEO of Tesla and SpaceX criticized Binance’s stance and an alleged disregard for DOGE investors. On the other hand, CZ used a recent failure in Tesla’s cars to counter-argue.
But now, according to Binance, the Dogecoin withdrawal issue has been resolved.
The platform denied that the issue was on its side, claiming that the issue was caused by an update.
More precisely, Binance said that the problem occurred during the last update of DOGE, which caused the reactivation of old transactions.
Stoppage of Dogecoin withdrawals at Binance
In Monday’s release, Binance clarified that it all started with a direct update:
“What started out as a fairly straightforward update turned into an issue where Binance users couldn’t pull out DOGE for the past 17 days. In addition, 1634 users received old transactions.”
Also according to the company, “a combination of unlikely factors” caused the unforeseen event that only affected Binance. No other exchange has faced the problem of stopping DOGE withdrawals.
In short, the exchange reported that:
“In short, if 1) your platform listed DOGE in 2019, in v1.14.0; 2) had transactions stuck in the wallet; 3) updated the wallet to v1.14.2 4) And then updated to v1.14.5 – you may have a problem.”
This caused the cryptocurrencies to be resent, requiring the construction of a new wallet.
“It was an unlikely and unfortunate coincidence for Binance, the DOGE network and DOGE hodlers,” summarized Binance.